Tax relief for Victorian and New South Wales residents affected by the bushfire

This week, the Victorian and New South Wales governments have advised that they will be providing tax relief to businesses, families and individuals in bushfire-affected communities, and in certain circumstances, to those who have assisted bushfire victims. A summary of the relief offered in each state is below.

Victoria State Government

• Land tax assessments will be suspended in affected areas;
• Land tax will be waived for those who have lost property or suffered substantial damage to their property;
• Land tax will be waived for eligible properties being used to provide free accommodation for those affected by the fires;
• Up to $55,000 in stamp duty relief will be offered to those who have lost their homes to the bushfires and have chosen not to rebuild and purchase elsewhere; and
• Up to $2,100 relief from duty on motor vehicles will be offered to those who have lost motor vehicles in the bushfires (note: up to two replacement vehicles).

New South Wales State Government

• A hold on all revenue NSW fines and debt for people in bushfire affected areas;
• Extensions for payment deadlines and timeframes for lodging of documents with Revenue NSW;
• Waiver of Revenue NSW interest charges;
• Waiver of payroll tax owing to employees for bushfire-fighting activities or emergency operations; and
• Two month payment deferrals for any amounts due to Revenue NSW.

Further details are expected to be released on the relief measures shortly.

If you or your clients have been affected by the bushfires and think you may benefit from the relief measures that have been announced, please do not hesitate to contact a member of our team below to discuss how you may claim the tax relief.

This publication covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. It is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.